NBCEI offers, death (main member only) , disability (main member only), funeral cover for main member, spouse and children from Stillborn (26weeks +) to 21 years benefit varies from the ages of the children and sick benefit Fund (main member only).

Normal retirement age is 65 years, but the Fund allows member to take early retirement from age 55 years and a late retirement age 70 years.
However, if member is on disability it terminates at the age 65 years.

Any generated interest whilst money sitting on NBCEI is paid over to the Administrator to be allocated to the members affected.

Pension fund

A pension fund can only be joined through a company that employs you, and your money is managed by the trustees of the fund.

“Your contributions as well as your employer’s contributions, are tax-deductible up to a point. Upon retirement, you can take up to a third of your savings in a cash lump sum, which is taxable. The rest must be used to purchase an income/annuity, which is also taxable.

“If you leave the company before retirement, you can move your retirement savings out of the company fund, either to your new employer’s fund, a preservation fund or a retirement annuity fund, or take a cash payout, which is taxed,” the financial expert said.

Provident fund

A provident fund is different to a pension fund in that you are able to withdraw the entire savings amount as a lump sum when you retire.

Government is intending to align the benefits of provident funds to those of pension and retirement annuity funds. This means that provident funds will ultimately be essentially identical to pension funds.

The result is that you will only be able to withdraw a third of your provident fund savings as a lump sum upon retirement, while the rest has to be invested in an income/annuity fund that pays you a monthly income.

7 days as per SLA but can take longer if there is further information required and it is the share of fund which is built up by employee contributions, portion of employer contributions plus interest accumulated is payable less tax.

Death claim can take up to 12 months or more whilst claim is being investigated as required by section 37c and 3 x annual salary is payable plus share of Fund less tax .

Disability claims must be submitted within 6 months from date of disability and is payable after the six months waiting period if it qualifies and 55% of the monthly renumeration is payable.

Riscura/ Novare

7.5 % employer and 7.5 from the employee which equals to 15%.

The Principal Officer and The Board Of Trustees.